Nimbus 9 PORTFOLIO MANAGEMENT

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1 Nimbus 9 STRATEGY HIGHLIGHTS Ticker: PRHYX CUSIP: As of September 30, 2017 Total High Yield Assets: $29.8 billion 2 Total High Yield Bond Strategy Assets: 1 $20.9 billion 2 Total Fund Assets: $9.5 billion 2 INVESTMENT APPROACH p Focus on BB/B securities, with a measured allocation to lower-quality bonds when valuations are compelling. p Proprietary fundamental research is key emphasis on industries that enjoy stable cash flow and rational competitive environments. p Extensive analyst interaction across sectors and asset classes promotes broad credit perspective. p Disciplined risk management practices employed in conjunction with broad portfolio diversification to manage risk profile. p The fund is subject to interest rate risk. The bonds in which the fund invests are at a much greater risk of default and tend to be more volatile than higher-rated bonds. Diversification cannot assure a profit or protect against loss in a declining market. PORTFOLIO CONSTRUCTION p Diversified portfolio structure of high yield corporate bonds: typically issuers p Industry exposure typically will range +/- 3% around benchmark weight Conservative exposure guidelines to individual issuers: BB issuer: 3% maximum B issuer: 2% maximum CCC issuer: 1% maximum BENCHMARK p PORTFOLIO MANAGEMENT Mark J. Vaselkiv Portfolio Manager p 33 years of investment experience; 29 years with T. Rowe Price. p M.B.A., New York University, Leonard N. Stern School of Business p B.A., Wheaton College PORTFOLIO SPECIALISTS Michael Lesesne Jr. p 26 years of investment experience; 5 years with T. Rowe Price. p M.B.A., Columbia Business School p B.A., Brown University For a complete list of the members of the Fund s Investment Advisory Committee, please refer to the Fund s prospectus. 1 Includes U.S.-registered mutual funds, a sub-fund of a Luxembourg domiciled SICAV, a common trust fund, separate accounts, and subadvised portfolios. 2 Assets reported are as of June 30, FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 1

2 TOP 10 ISSUERS % of Fund Asurion 1.7% NRG Energy 1.5 ALTICE NV 1.4 VERITAS 1.4 CSC HOLDINGS 1.3 T-MOBILE US 1.3 Charter Communications 1.3 SCIENTIFIC GAMES 1.3 ALTICE FINANCING 1.2 SPRINT 1.2 Total 13.7% 15 LARGEST INDUSTRIES Over/Underweight 20% 15% 10% 5% 0% -5% -10% Energy Cable Operators Financial Info Tech Health Care Wireless Communications Metals & Mining Services Utilities Gaming Chemicals Automotives Container Broadcasting Other Telecommunications PORTFOLIO CHARACTERISTICS Fund Weighted Average Maturity 6.60 years 6.86 years Modified Duration to Worst 3.05 years 3.33 years Number of Holdings 471 1,350 ss FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 2

3 CREDIT QUALITY DIVERSIFICATION % of Fund % of Index BBB/BB Rated & Above Fund vs BB Rated BB/B Rated B Rated B/CCC Rated CCC and Below Credit Default Swaps Default Equities Not Rated Short-Term QUARTER-OVER-QUARTER CHANGE Fund - Prior Quarter (6/30/17) Fund - Current Quarter (9/30/17) 50% 40% 30% 20% 10% 0% -10% BBB/BB & Abv BB BB/B B B/CCC CCC & Below CDS Default Equities Not Rated Short- Term FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 3

4 PERFORMANCE Three Months Year-to- Date One Year Annualized (only pertains to the total return figures) Five Ten Years Years 1.94% 6.55% 8.75% 5.15% 6.27% 7.13% 8.36% Lipper High Yield Bond Funds Index Lipper s Average Lipper Ranking 183 of of of of of 202 Morningstar High Yield Bond Category Morningstar Ranking 201 of of of of of 208 Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. To obtain the most recent month-end performance or to request a prospectus, which includes investment objectives, risks, fees, expenses, and other information that you should read and consider carefully before investing, please call or visit our website at troweprice.com. Total return figures include changes in principal value, reinvested dividends, and capital gain distributions. The performance information shown does not reflect the deduction of a 2.00% redemption fee on shares held for 90 days or less. If it did, the performance would be lower. The Fund s expense ratio was 0.74% as of its most recent prospectus. Effective April 1, 2016, Credit Suisse changed its methodology for calculating the performance of the. The data in the table reflects the performance of the index using the new methodology. Lipper rankings are based on cumulative total return. The Lipper Average consists of all share classes; each share class is counted separately. Morningstar rankings are based on average annual total returns Morningstar, Inc. All Rights Reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Three Years Fifteen Years FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 4

5 RISK/RETURN CHARACTERISTICS Five Years ended September 30, Information Ratio Sharpe Ratio Tracking Error R-Squared Beta Alpha % 1.07% % 0.00% Average Annual Return (%) HYF Average Annual Standard Deviation (%) Past performance cannot guarantee future results. Figures are calculated using monthly data and are net of fees. ADDITIONAL DISCLOSURES Portfolio Construction: There is no guarantee that the investment will remain within the anticipated ranges of exposure. Weighted Average Maturity is an average of the maturities of the underlying bonds, with each bond s maturity weighted by the percentage of fund assets it represents. Duration is a calculation that seeks to measure the price sensitivity of a bond fund to changes in interest rates. In general, the longer the average maturity or duration, the greater the fund s sensitivity to interest rates. Duration is a better indicator of price sensitivity because it takes into account the time value of cash flows. Duration to worst is the duration of the bond computed using the bond s nearest call date or maturity, whichever comes first. Unless indicated otherwise the source of all data is T. Rowe Price. Source for Lipper data: Lipper Inc. Industry classification was determined by T. Rowe Price s high yield industry structure. Diversification exhibits may not add to 100% due to exclusion or inclusion of cash. Sources for credit quality: Moody s Investors Service and Standard & Poor s (S&P); split ratings (e.g., BB/B and B/CCC) are assigned when the Moody s and S&P ratings differ. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency. T. Rowe Price uses the rating of the underlying investment vehicle for credit default swaps. Short-term holdings are not rated. Certain numbers in this report may not equal stated totals due to rounding. All data is accurate as of the report production date. Closed to new investors. Open to subsequent investments. The views contained herein are as of the date of this report and are subject to change without notice; these views may differ from those of other T. Rowe Price associates. T. ROWE PRICE, INVEST WITH CONFIDENCE and the Bighorn Sheep design are, collectively and/or apart, trademarks or registered trademarks of T. Rowe Price Group, Inc. T. Rowe Price Investment Services, Inc., Distributor US FOR INVESTMENT PROFESSIONALS ONLY. NOT FOR FURTHER DISTRIBUTION. p T. ROWE PRICE 5

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